Posted AT 9:39 AM EST on 22/10/07
Ethanol drive fuels inflation, fails to generate benefits: CIBC's Rubin
TORONTO — America's policy of subsidizing ethanol to increase energy self-sufficiency will do little but fuel inflation by driving food prices upward, says a report from CIBC World Markets.
“Converting corn from food to fuel has, at best, dubious net energy benefits, but its impact on food prices, already significant, can only grow over time,” warns Jeff Rubin, the investment bank's chief economist.
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